By Online Submission

8-19/152 Date: 21/11/2018

Bodal Chemicals Ltd. COLOURS, INTEGRATION. INNOVATION.

To, The General Manager, BSE Ltd. 1st Floor, New Trading Ring, Rotunda Building, P.J. Tower, Dalal Street, Fort Mumbai- 400 001 BSE Code: 524370

To, The General Manager, National Stock Exchange of India Ltd. Exchange Plaza, Plot no. C/ 1, G Block, Bandra-Kurla Complex Sandra (E), Mumbai -400 051. NSECODE:BODALCHEM

Dear Sir/Madam,

SUB: INVESTOR PRESENTATION NOV- 2018

Ref: Regulation 30, Schedule Ill Part A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

With reference to the above captioned subject, we herewith enclosed Investor Presentation for November, 2018.

This is for your information and record please.

Thanking You,

Encl: As Above.

I HEAD OFFICE, Plot No. 123-124, Phase-I,

G.I.D.C, Vatva, Ahmedabad- 382 445., Gujarat, India.

www.bodal.com CIN No. : 12411 0GJl 986PLC009003

Tel: +91 79,2583 5437 2583 4223, 25831684

Fax, +91 2583 5245, 25836052 E-mail, bodal@bodal.com

Bodal Chemicals Ltd. COLOURS. INTEGRATION. INNOVATION.

Investor Presentation Nov-2018

Forward Looking Statements Bodal Chemicals Ltd. COLOURS, INTEGRATION. INNOVATION.

This presentation contains statements that contain "forward looking statements" including, but without

limitation, statements relating to the implementation of strategic initiatives, and other statements relating to

Boda[ Chemicals' future business developments and economic performance. While these forward looking

statements indicate our assessment and future expectations concerning the development of our business, a

number of risks, uncertainties and other unknown factors could cause actual developments and results to differ

materially from our expectations. These factors include, but are not limited to, general market, macro-economic,

governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures,

technological developments, changes in the financial conditions of third parties dealing with us, legislative

developments, and other key factors that could affect our business and financial performance. Boda[ Chemicals

undertakes no obligation to publicly revise any forward looking statements to reflect future I likely events or

circumstances.

Investor Presentation NOV-2018 I 2

Executive Summary Bodal Chemicals Ltd. COLOURS, INTEGRATION, INNOVATION.

• Bodal was incorporated in 1989 by Mr. Suresh Patel, a first generation entrepreneur.

• Bodal is today one of the globally leading, integrated Dyestuff companies from India.

• Company commenced its operations by setting up a small Vinyl Sulphoneplant at Vatva - Ahmedabad (Gujarat) with a small capacity which steadily expanded to Basic Chemicals, Dye Intermediates (Widest range), Dyestuff catering to various industrles (Textile, Jeather ~-& Paper), Water purification chemicals, Detergent Chemicals, In -h"ouse Co-generation Power plant and Ice plant.

• At present, there are 9 manufacturing Units in Gujarat, 1-at U,~~_ar--pradesh and-4 depots.across India. -

• Achieved Net revenue of Rs. 11,517 milli9A""'~& earai~d net profit of Rs_!_ 1, 21 ~- mtllfonfor the .. .....,- ~ - - ,;;=-=~ ~ - -- -

FY18 and Rs. 7,504 million & Rs. 835 __ million .tar::H1 F'(_19 ·r~spectively. ,~r ~ ,4"cE ~~c" - . ~ ~·

• Market capitalization is Rs.15.01 billiQJl.(-13~11-2018), Promoters s:tWl'l"',cF,5"7.4%.

Investor Presentation NOV-2018 I 3

Badal- Milestones Bodal Chemicals Ltd. COLOURS, INTEGRATION. INNOVATION.

Notes: Units are manufacturing sites Unit Nos. are as per current numbering of sites

1993 Acquired Unit II-B Acquired Unit Ill

1994 Changed name to Badal Chemicals Pvt Ltd

2006 Listed on SSE-reverse merger with Dintex Dye Chem (Unit I)

2006 Acquired Unit IV

2007 Started building Unit VII World-class mega site

2008 Acquired Unit VIII Closed Unit V, Closed Unit VI

2010 Backward integration: Basic Chemicals at Unit VII

2016 Amalgamation: Badal Agrotech, LASSA, Unit X Zero Discharge Facility 2017 Acquired 70%: SPS Processors, Dye lnt'diates, Zero Discharge Facility 2017 Acquired Trion Chemicals, TCCA specialist (Present holding 59%) Zero Discharge Facility 2018 Dyestuff expansion by 12000MTPA 5MW Co-generation Power plant

1989 Started as JK Pharma at Unit II-A

1997 Acquired Unit V Acquired Unit VI

2004 Acquired Unit I

2004 Forward integration: Dyestuff at Unit I

1991- 1995

2006- 2010

2011 Completed Unit VII

2012, 2013 Industry Downturn

2013, 2015 MEEP at Unit I, Unit VII

2014, 2015 Turnaround Zero Debt

2016- onwards

Badal has built over 29 years with a healthy mix of organic + inorganic growth Investor Presentation NOV-2018 I 4

Manufacturing capacities Bodal Chemicals Ltd. COLOURS, INTEGRATION. INNOVATION.

33%

49%

190,000 MT 107%

33,000 MT* 82%

29 000 MT** ' 66%

• Captive Power Plant and Steam generation • Centrally located, latest upgraded manufacturing facilities • Produces about 10 products

• Advance technology MEEP for effluent treatment with capacity, of 5 lakhs liters/ day

• Produces about 25 products

• Range of Reactive, Acid & Direct dyes that are used in Textile, leather & paper industries respectively

• Permission for treated effluent disposal of 1 million liters/ day • Brine treatment plant - an advance technology in our industry • Produces about 175 products

,.... Notes: 1. In addition to above, following capacities will be added by Q1 FY20, In Badal - Thionyl Chloride 36,000 MTPA & Dyestuff .._~ Expansion 6,000 MTPA, In SPS - Vinyl Sulphone 6,000 MTPA 2. ** This capacity refers to powder form, which is in addition to 10,000

MTPA in liquid 3. * Includes SPS existing Capacity. 't .~

~ ~ '« ~ ~ :,.. .. ~ ~"'"' ~~ , M.., _....,.~ ~ ·"..,,.,.

Badal is keenly investing for sustained growth Investor Presentation NOV-2018 I 5

- Integrated Business Model

Input Materials - part/full in-house Input Materials - external Bodal Chemicals Products End use industries Bodal Chemicals Ltd.

COLOURS, INTEGRATION. INNOVATION.

Water I I I I Para Nitro Aniline I I r '\ I ,

Reactive Dyes 1 •• I •• I Textiles Ice I I I I I I \.._

Vinyl Sulphone I I I ' Beta Naphthol

Steam J 1LJ H Acid

r Power l _...... Sulphuric Acid 1----+I Acid Dyes I I I I I Leather ••

DASA I I I ' 1 I I I I Sulphur

_j I I Chloro Sulphonic Acid

Aniline I I FC Acid I-+ L Direct Dyes I I I •• I Paper ~

L Oleum 65%

Naphthalene h Oleum 23% _j Gamma Acid

PNCB 7 I l LABSA j l Detergent Sodium Bi Sulphate VS Derivatives

Caustic Soda ' ~

I I ir l \ ) T

Cree~ Acetanilide t----+I Water Treatment Chlorine I I I I ~ l

About 45% of Basic Chemicals and Dye Intermediates are captivity used Investor Presentation NOV-2018 I 6

Global Revenues Bodal Chemicals Ltd. COLOURS, INTEGRATION. INNOVATION.

Dominican Repubhc -6.

Badal Exports 45% of its sales to 150+ customers in 45+ countries Investor Presentation NOV-2018 I 7

Customer Relationships Bodal Chemicals Ltd. COLOURS, INTEGRATION. INNOVATION.

Domestic Customers International Customers

Clariant India Hubei Color Root Technology Company

AARTI INDUSTRIES LIMITED

GRASIM I

GUJARAT FLUOROCHEMICALS

LIMITED

LIFE ENHANCED

Unidye S.A.

Cl•BASF The Chemical Company

•• FARBEN The Chem cal Proctucer

Relationships with top Domestic and International Customers assures revenue growth and stable margins.

Investor Presentation NOV-2018 I 8

Bod al 's opportunities / Competitive edge Bodal Chemicals Ltd. COLOURS, INTEGRATION. INNOVATION.

• Strict environmental compliance

• Global upheaval, integrated business model and cost competitiveness

• Limitation in expansion globally, local restriction and appropriate product basket of Bodal

• Successful and consistent track record of organic and inorganic growth

• Well- equipped laboratories, quality maintenance and R&D

• Strong financials ensure uninterrupted growth

Sustainability of profit and growth ensured Investor Presentation NOV-2018 I 9

Sustainability Bodal Chemicals Ltd. COLOURS, INTEGRATION. INNOVATION.

Environmental norms

Shut down of units

Market Share

Dyestuff Global

Dyestuff Forex Low cost Indian

fluctuation imports

Dye Intermediates Global

Volatile raw Volatile materials price sales price discipline hedging Dye Intermediates

Indian

Consistent growth that we are proud of Investor Presentation NOV-2018 I 1 0

Immediate Growth Drivers (1 /2)

The key drivers for growth will be:

Bodal Chemicals Ltd. COLOURS, INTEGRATION. INNOVATION.

~ SPS is expected to contribute to the growth in profit for the coming years and Trion

is moving towards breakeven

~ Dyestuff : As part of the expansion plan, the company continues to expand the

Dyestuff business. Recently added 12,000 MTPA and further expanding by 6,000MTPA

~ By Q4FY19, Badal would complete building of TC Plant of 36,000 MTPA at Unit VII, a

forward integration for sulphuric acid and backward integration for Vinyl sulphone

~ Upgradation completed for utility section. At optimum utilisation of co-generation

power plant, Badal will achieve substantial saving in energy cost through steam and

own power

Badal is poised for sustained growth over next 3 years Investor Presentation NOV-2018 I 11

Immediate Growth Drivers (2/2) Bodal Chemicals Ltd. COLOURS, INTEGRATION. INNOVATION.

~ Moving towards complete integrated model with more captive consumption of Dye

Intermediates and Basic Chemicals

~ Expanding horizons in existing geographies and new geographies

~ Continue to Focus on Technology Upgradation

Badal is poised for sustained growth over next 3 years Investor Presentation NOV-2018 I 1 2

Financial performance over the years Bodal Chemicals Ltd. COLOURS, INTEGRATION. INNOVATION.

Net Sales EBITDA and EBITDA Margins

• Net Sales (Rs. million)

11,693

- EBITDA (Rs. million)

20.3%

-EBITDA Margin(%)

10,358 11,091

9,496 8,968

2,500

2,000

1,500

1,000

500

19.0%

17.0%

15.0%

13.0%

11.0%

FY 14 FY 15 FY 16 FY 17 FY 18 9.0% FY 14 FY 15 FY 16 FY 17 FY 18

PAT and PAT Margins

-PAT (Rs. million) -PAT Margin(%) 11.4% 11.5%

1,400

1,200 j 8.9% ~ ~ 10.0%

1,000 8.0%

800 6.0% 600

4.0% 400

200 2.0%

0.0% FY 14 FY 15 FY 16 FY 17 FY 18

Net worth

• Networth (Rs. million)

7,019

FY 14 FY 15 FY 16 FY 17 FY 18

Consistent performance Investor Presentation NOV-2018 I 1 3

Bodal Chemicals Ltd. COLOURS, INTEGRATION. INNOVATION.

Financial performance H 1FY19

Investor Presentation NOV-2018 I 14

H1FY19 - Financials Bodal Chemicals Ltd. COLOURS, INTEGRATION. INNOVATION.

Total Income (Rs. Million) EBITDA * (Rs. Million) and Margin (%)

36% Growth

H1FY18 H1FY19

Profit After Tax (Rs. Million) and Margin (%)

44 % Growth

10.6%

11.2%

20.0% 49 % Growth

18.2%

H1FY18 H1FY19

Operational EBITDA

Particulars H1FY18 H1FY19

Revenue from operations 5,345 7,272

EBITDA as published 1,039 1,368 Less: Other Income 42 45 Add: Foreign Exchange (Gain)/Loss (Net) (24) 130 Operational EBITDA 973 1,453

H1FY18 H1FY19 Operational EBITDA Margin (%) to Revenue from operation 18.2% 20.0%

Allround growth in H1FY19 Investor Presentation NOV-2018 I 1 5

Balance Sheet Ratios Bodal Chemicals Ltd. COLOURS, INTEGRATION. INNOVATION.

Total Debt/ Equity (x)

0.0 X

Mar-18

ROCE* (%)

Sep-18

Net Debt I EBITDA* (x)

31.8%

27.4%

Mar-18 Sep-18

Net Working Capital (Rs. Million)

a.ox

Mar-18 Sep-18 Mar-18 Sep-18

Notes: *To calculate Net Debt/EBIDTA, the EBIDTA is annualized and similarly, to calculate ROCE ,EBIT is annualized

Net Debt to Equity & Net Debt to EBITDA are near Zero Investor Presentation NOV-2018 I 1 6

Recent Awards & Recognition Bodal Chemicals Ltd. COLOURS, INTEGRATION. INNOVATION.

• Award for Highest Self Manufacturing Turnover from Domestic and Export of Dyes and Dye Intermediates during FY2016-17 The Gujarat Dyestuffs Manufacturers Association (in June-18)

• First in Large scale unit category for outstanding performance on Domestic Market and one as a Second in Large scale unit category for Excellent performance in Export of Dyestuffs The Dyestuff Manufacturers' Association of lndia(in July -2018)

• Recently, recognised by • ET Enterprise Icons 2018 • Gujarat Best brand award 2018

Recognition of leadership Investor Presentation NOV-2018 I 1 7

CSR Initiatives Bodal Chemicals Ltd. COLOURS, INTEGRATION. INNOVATION.

• Badal seeks to be a responsible corporate citizen. It works through Trusts and YUVA - a renowned NGO

• Bodal's focus area is enhancement of rural infrastructure and healthcare - Providing funds for construction for drinking water pipelines - Conducting regular health check-up camps

• Badal also promotes sports, with contributions to - Sports Council of the Deaf Basketball Club - Promoting individual talent to represent the country in sporting events

• Bodal's CSR contribution was Rs. 31.1 million in FY2018

Bodal's areas of work are rural infra & healthcare and sports Investor Presentation NOV-2018 I 18

Why Bodal Chemicals Bodal Chemicals Ltd. COLOURS, INTEGRATION. INNOVATION.

Global Leadership Position

+ Competitive Advantages

+ Financial Discipline

+ Strong Growth Engine

Formula for Success

• 6% market share globally (Dye Intermediates)

• 25% market share in India (Dye Intermediates)

• Produces the largest variety of Dye Intermediates

• Most integrated Dyestuff player in India with reduced

logistic cost and consistent quality and price

• Net Debt to Equity & Net Debt/ EBITDA near Zero

• Good Working Capital Management

• Continuous integrated expansion in growth areas

• Export to over 45 countries

• Investors' Delight

On a new growth trajectory Investor Presentation NOV-2018 I 19

Thank you

Mayur Padhya CFO, Bodal Chemicals Ltd.

+91 79 2583 5437 mayur@bodal.com

Bodal Chemicals Ltd. COLOURS. INTEGRATION. INNOVATION.

CIN: L24110GJ1986PLC009003

Plot No. 123-124, Phase - I, G.I.D.C., Vatva, Ahmedabad - 382 445, Gujarat

www.bodal.com